BALANCE SHEET

December 31, 2019

ASSETS
CASH 80,000.00
ACCOUNTS RECEIVABLES 193,200.00
SUPPLIES 150,000.00
OTHER CURRENT ASSETS 400,000.00
PROPERTY, PLANT AND EQUIPMENT
REFILLING EQUIPMENT 870,000.00
DELIVERY VAN 508,000.00
LESS: TOTAL ACCUMULATED DEPRECIATION 137,800.00 1,240,200.00
TOTAL ASSET 2,063,400.00

LIABILITIES
ACCOUNTS PAYABLE 351,800.00
NOTES PAYABLE 1,000,000.00
EQUITY
PJ. Milano, CAPITAL 500,000.00
RETAINED EARNINGS 211,600.00
TOTAL LIABILITIES AND EQUITY 2,063,400.00

INCOME STATEMENT
FOR THE YEAR ENDED 2019

REVENUE
REFILLING AND DELIVERY 1,120,000.00
TOTAL REVENUE 1,120,000.00

EXPENSES
UTILITIES EXPENSE 35,000.00
REPAIRS AND MAINTENANCE 120,000.00
SALARIES AND WAGES 375,600.00
PERMITS AND LICENSES 20,000.00
EQUIPMENT DEPRECIATION 137,800.00
OTHER EXPENSES 220,000.00
TOTAL EXPENSES 908,400.00

NET INCOME 211,600.00

 STATEMENT OF OWNERS EQUITY
PJ. Milano, CAPITAL 500,000.00
RETAINED EARNINGS 211,600.00
TOTAL OWNER'S EQUITY 711,600.00
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